Ethereum

Solana

Jerome Powell

Chair

Bitcoin

Bitcoin price accelerated recovery from Monday in tandem with the stock market and ahead of the annual Jackson Hole Symposium, where the Fed Chair Jerome Powell is expected to give a speech. Altcoin majors such as <a href="https://coingape.com/markets/top-3-ethereum-rivals-to-outperform-market-recovery/" target="_blank" rel="noopener noreferrer nofollow">Ethereum (ETH)</a>, Solana (SOL), and Ripple (XRP) also eased into recovery, suggesting a new bullish era in the broader crypto market.
<h2 class="p1" id="bitcoin-price-market-movers-jerome-powell-speech-network-activity-growth-bullish-derivatives-market">Bitcoin Price Market Movers: Jerome Powell Speech, Network Activity Growth, Bullish Derivatives Market</h2>
<ul>
 <li class="p1">Bitcoin price climbed above $60,000 during the Asian session but hit a snag below $61,400 amid tempered expectations from the annual Jackson Hole Economic Policy Symposium, starting August 22. Powell’s speech on Friday comes at a crucial time for the US economy and the world over. Interest rates in the country are at their highest level in decades amid easing inflation and slowing economic activity.</li>
 <li class="p1">The crypto community will be looking forward to hints from Powell’s speech on the direction of monetary policy, seeing that the Fed has set the stage for interest rate cuts. Economists expect Powell to stay in line with his remarks after July’s FOMC meeting and possibly affirm the central bank’s commitment to easing interest rates quickly if the labor market continues to underperform.</li>
 <li class="p1">According to <a rel="noopener noreferrer nofollow" href="https://finance.yahoo.com/">Yahoo Finance</a>, stocks and <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">BTC price</a> had started gaining amidst growing optimism for the Jackson Hole Symposium. However, history reveals that stocks tend to rally after the event, spreading risk-on sentiment to crypto and other global assets like gold.</li>
 <li class="p1">Bitcoin price is fundamentally strong courtesy of <a rel="noopener noreferrer nofollow" href="https://app.santiment.net/charts/d8ICSG55__sCl">Santiment</a> data, which shows a considerable spike in the active addresses metric to 718k from approximately 567k recorded on August 18. Increasing active addresses suggest rising trader interest in Bitcoin and potential price volatility. Positive weighted sentiment points to growing market confidence, which could <a href="https://coingape.com/markets/top-3-bitcoin-ethereum-xrp-price-prediction-fed-rate-cut-could-ignite-btc-next-rally/" rel="noopener noreferrer nofollow">bolster upward momentum</a>.</li>
</ul>
<figure id="attachment_213231" aria-describedby="caption-attachment-213231" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213231" src="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-17.20.57-20-Aug-2024-scaled.jpg" alt="Bitcoin network activity | Santiment" width="2560" height="867" srcset="https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-17.20.57-20-Aug-2024-scaled.jpg 2560w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-17.20.57-20-Aug-2024-300x102.jpg 300w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-17.20.57-20-Aug-2024-1224x414.jpg 1224w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-17.20.57-20-Aug-2024-768x260.jpg 768w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-17.20.57-20-Aug-2024-1536x520.jpg 1536w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-17.20.57-20-Aug-2024-2048x693.jpg 2048w, https://coingape.com/wp-content/uploads/2024/08/Bitcoin-BTC-17.20.57-20-Aug-2024-150x51.jpg 150w" sizes="(max-width: 2560px) 100vw, 2560px">
 <figcaption id="caption-attachment-213231" class="wp-caption-text">
 Bitcoin network activity | Santiment
 </figcaption>
</figure>
<ul>
 <li class="p1">As per <a rel="noopener noreferrer nofollow" href="https://www.coinglass.com/currencies/BTC">Coinglass</a> data, the derivatives market upholds the bullish thesis, with the volume metric increasing by 14.43% to $50.32 billion and the open interest by 5.24% surge to $31.39 billion. It is worth mentioning that rising BTC derivatives OI and volume signal higher market activity and <a href="https://coingape.com/markets/bitcoin-price-crypto-markets-comeback-likely-matrixport/" rel="noopener noreferrer nofollow">speculation further increase in price</a>.</li>
</ul>
<figure id="attachment_213230" aria-describedby="caption-attachment-213230" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-213230" src="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-17.22.17.png" alt="Bitcoin derivatives stats | Coinglass" width="2738" height="680" srcset="https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-17.22.17.png 2738w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-17.22.17-300x75.png 300w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-17.22.17-1224x304.png 1224w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-17.22.17-768x191.png 768w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-17.22.17-1536x381.png 1536w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-17.22.17-2048x509.png 2048w, https://coingape.com/wp-content/uploads/2024/08/Screenshot-2024-08-20-at-17.22.17-150x37.png 150w" sizes="(max-width: 2738px) 100vw, 2738px">
 <figcaption id="caption-attachment-213230" class="wp-caption-text">
 Bitcoin derivatives stats | Coinglass
 </figcaption>
</figure>
<h2 class="p1" id="btc-price-analysis-poised-for-more-gains">BTC Price Analysis: Poised For More Gains</h2>
Bitcoin price uptrend above $60,000 slowed on encountering the 200-day EMA resistance. After a brief struggle to take down this hurdle and reinforce the bullish outlook toward $70,000, BTC suffered a sharp setback to exchange at $59,045.
Despite the correction possibly due to profit taking, the Super Trend is still bullish and trailing Bitcoin. However, traders will regain confidence in the uptrend should bulls reclaim the $60,000 resistance level.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" class="size-full" src="https://www.tradingview.com/x/MgSk8Pmu/" alt="Bitcoin price chart | Tradingview" width="2694" height="1436">
 <figcaption class="wp-caption-text">
 BTC price chart | Tradingview
 </figcaption>
</figure>
Based on a previous <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">BTC price forecast</a>, a sell-off will engulf the largest digital assets if $58,000 support breaks. Another retest of $56,000 and even the $54,000 level may follow amid the search for more liquidity.
The post <a href="https://coingape.com/markets/bitcoin-price-analysis-heres-when-btc-could-reach-70000-again/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: Here’s When BTC Could Reach $70,000 Again</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Analysis: Here’s When BTC Could Reach $70,000 Again

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